Copper Prices Fluctuate Amid Interest Rate Fears and Supply Disruptions

Copper prices experienced fluctuations in both futures and spot markets on September 24 due to supply-side disruptions and macro volatility. The market concerns about a potential interest rate hike by the Federal Reserve contributed to the price drop.

The resumption of operations at Escondida, which was suspended after a fatal accident on September 23, supported copper prices. However, Mysteel's imported copper concentrate spot treatment charge (TC) index remained at -$224.63/dmt, indicating severe raw material tightness that has impacted refined copper output in China.

China's refined copper spot trading declined on September 24, with downstream enterprises showing reduced enthusiasm for stockpiling before the Mid-Autumn Festival holiday. Some holders lowered prices to facilitate transactions, leading to falling spot premiums in some markets.